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Ticino Management (TCO) - Edition January 2026 Journal
The Swiss real estate market has recently shifted, with institutional investors like pension funds and insurance companies largely stepping back and acting more as sellers than buyers, except when properties already meet ESG standards. This change has paved the way for private investors, who seek higher returns through acquiring, redeveloping, and selling properties, yet they encounter obstacles such as high prices, the need for substantial capital for diversification, and specialized expertise for development projects. Despite these challenges, private interest remains high, and pooling capital -where individuals invest collectively in one or more properties - has become a popular solution, mirroring practices in sectors like private equity. These collaborative structures, known as Investment Clubs, Club Deals, or Tippgemeinschaften, enable shared expertise, joint decision-making, and the opportunity to build professionally managed, diversified portfolios while reducing individual financial burdens. There is no legally mandated structure for such investments, though the choice of legal arrangement depends on tax issues, financial structure, holding period, governance, and exit strategies. The Swiss legal environment is flexible, but investors must pay special attention to two key regulatory frameworks specific to real estate investments that are often overlooked: the Swiss legislation on collective investment schemes (CISA) requires certain investment structures to be authorised and supervised by FINMA to protect investors (with exceptions for specific investment clubs where members directly participate in investment decisions), while foreign involvement in residential real estate is restricted by Lex Koller.
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